Frequently Asked Questions

What is a Mortgage Broker and how do they get paid?

Mortgage Brokers are independent professionals that shop the mortgage market to arrange financing best suited to your needs. They are educated and well-versed with finance, and are able to creatively find solutions that banks are not always able to. If your mortgage is arranged through an institutional lender they are paid a "finders fee" from the Lender, and therefore you won't be charged an additional fee. For those who do not qualify for an institutional mortgage, private funds can be arranged through your Mortgage Broker and they will charge a small broker fee. All applicable fees are thoroughly disclosed to you before you accept the mortgage commitment.

I'm self-employed and am having trouble getting a mortgage. Can you help?

Absolutely. Mortgage Brokers deal with a number of institutions and private investors that will lend money to self-employed borrowers and accept a self-declared letter stating their income. These institutions will look past your financial statements to determine your ability to service the mortgage debt, and provide financing at very competitive rates.

How can I get approved through Mortgage Sense if the bank has already disqualified me?

Most banks have very strict guidelines when lending money that you may not meet. However, Mortgage Sense works with many institutional and private lenders that are more flexible in their lending policies, and may be able to help despite your current situation.

How can a Mortgage Broker offer a lower rate than a bank?

A Mortgage Broker's only job is to arrange mortgages for his/her clients. Mortgage Brokers arrange billions of dollars in residential mortgages each year. The financial institutions have realized that it is less expensive to pay a small fee to a mortgage broker for generating business, than to have a branch full of staff on every corner. Therefore a Mortgage Broker can arrange mortgages at rates lower than the banks advertise - possibly even a lower rate than you would be offered by your own bank.

How do I get pre-approved for a mortgage?

It is important to get pre-approved for a mortgage before beginning your search for a house. That way you'll know what you can realistically afford. Obtaining a pre-approval is as simple as providing us with some of your basic financial and employment information. We will closely and consistently monitor the market to ensure we have you locked in for the best rate at closing.